Trading Tips:The U.S. dollar rose against its Canadian counterpart on Friday, as Thursday’s upbeat U.S. data continued to support the greenback and investors continued to focus on Greek debt talks. USD/CAD hit 1.2397 during early U.S. trade, the session high; the pair subsequently consolidated at 1.2380, gaining 0.46%. The pair was likely to find support at 1.2273, the low of June 24 and resistance at 1.2423, the high of June 24. The dollar remained supported after data on Thursday showed that U.S. personal spending rose by 0.9% in May, above expectations for a gain of 0.7%.The report also showed personal income rose by 0.5% in May, in line with forecasts and after rising 0.5% in April. In addition, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 20 increased by 3,000 to 271,000 from the previous week’s total of 268,000. Analysts had expected initial jobless claims to rise by 4,000 to 272,000 last week.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5820 TARGET 1.5840 1.5870 SL 1.5780
SELL GBP/USD BELOW 1.5660 TARGET 1.5640 1.5610 SL 1.5700
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